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GM Scaling Back Final
Four Spending

The increased scrutiny of corporate marketing expenditures has resulted in several more major sponsors reining in sports spending. Following news of a $9.6M Q4 net loss, GM says it is cutting on-site spending for this year's Final Four by at least 60%. The company also may nix its longtime sponsorship with the NCAA when its contract expires after this season. Meanwhile, golf continues to feel the brunt of the corporate pullback, as Wells Fargo decides to drop the Wachovia name from the May PGA Tour event in Charlotte and halts all non-contractual spending. Also, Bank of America and the Yankees officially end talks for a major sponsorship agreement for the team’s new ballpark, and Yankees COO Lonn Trost says, "It just doesn't seem like this is the time to do something special with a financial institution.”